The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over IONITY Holding GmbH & Co. KG (“IONITY”) of Germany by Hyundai Motor Company (“Hyundai”) of South Korea, alongside current jointly controlling shareholders Bayerische Motoren Werke AG (“BMW”), Daimler AG (“Daimler”), Dr. Ing. h.c. F. Porsche Aktiengesellschaft (“Porsche”) all of Germany and Ford Motor Company (“Ford”) of the US. IONITY is active across Europe in installing, operating and maintaining a publicly accessible high-power charging infrastructure for battery-electric vehicles along motorways and trunk roads in Europe. Hyundai is globally active in the manufacturing of motor vehicles and offers financial services through its subsidiary Hyundai Capital Services Inc. BMW is globally active in the development, producing and marketing of passenger cars and motorbikes. BMW and its affiliates also provide financial services for private and business customers. Daimler is globally active in the development, manufacturing and sale of passenger cars and commercial vehicles, and the provision of automotive financial services, including financial, leasing, insurance and fleet management services. Porsche is globally active in designing, manufacturing and distributing high-performance sports cars, SUVs and sedans. Porsche is part of the Volkswagen Group whose activities include the design, manufacture, supply and distribution of passenger and light commercial vehicles, trucks, buses, motorbikes and spare parts as well as related financial, insurance. Ford is globally active in the development, manufacturing and distribution of automotive passenger cars and commercial vehicles and provision of related financial services and leasing options. The Commission concluded that the proposed acquisition would raise no competition concerns, because of the limited impact on the market. The transaction was examined under the simplified merger review procedure.
